Cardano Price Technical Analysis – ADA/USD To Decline Further?

Cardano Price Technical Analysis – ADA/USD To Decline Further?

Key Highlights

ADA price failed to move higher and declined towards the $0.1400 support level against the US Dollar (tethered).

There is a short-term connecting bearish trend line forming with resistance near $0.1450 on the hourly chart of the ADA/USD pair (data feed via Bittrex).

The pair remains at a risk of more declines and it could break the $0.1400 support in the near term.

Cardano price is struggling to recover against the US Dollar and Bitcoin. ADA/USD has to stay above the $0.1400 support to avoid declines towards $0.1200.

Cardano Price Support

There was a fresh start to a downside wave from the $0.1750 barrier in ADA price against the US Dollar. The price traded lower and broke a few important support levels such as $0.1600 and $0.1500. During the slide, the price cracked the $0.1450 support and even settled below the 100 hourly simple moving average. These all are negative signs and points more declines below $0.1500.

The recent low was formed at $0.1401 before the price started trading in a range. It tested the 23.6% Fib retracement level of the last drop from the $0.1764 high to $0.1401 low. However, it failed to move above the $0.1480 resistance. On the upside, there is a short-term connecting bearish trend line forming with resistance near $0.1450 on the hourly chart of the ADA/USD pair. A break above the trend line and $0.1480 level is needed for a decent recovery.

The next hurdle on the upside above $0.1480 is the 50% Fib retracement level of the last drop from the $0.1764 high to $0.1401 low at $0.1528. On the downside, the $0.1400 level is a crucial support. A break below $0.1400 could ignite a downside reaction towards $0.1200 in the near term.

Hourly MACD – The MACD for ADA/USD is placed in the bullish zone.

Hourly RSI – The RSI for ADA/USD is currently well below the 50 level.

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